The term “Green Economy” is an excellent word that was first coined in 1989. This term was reported for the Government of the United Kingdom by the guidance of a leading Environmental Economist and entitled as “Blueprint for a Green Economy”.
A Green Economy is one that results in improved human well-being and social equity while significantly reducing environmental risks and scarcities. The concept of green economy is based on the idea of promoting Sustainable Development, reducing environmental impact and addressing social and economic challenges.
The purpose of the green economy is to create genuine, shared prosperity, growing wealth that will support well-being. One of the most important purposes of the green economy is it prioritizes investment and access to the sustainable natural systems, infrastructure, knowledge and education needed for all people to prosper. And it offers some opportunities for green and decent livelihoods, enterprises and jobs.
Some commonly recognized criteria for Green Economy which helps to guide economic activities towards environmental sustainability, social equity, and long-term resilience:
· Sustainability for environment : For minimizing waste and depletion, it practices the efficient use of natural resources. For making a sustainable environment, it promotes clean and renewable energy sources to reduce reliance on fossil fuels. And most importantly it helps to protect and preserve ecosystems and biodiversity.
· Viability in Economy : Economy is the backbone for a developed country and its nation. It is an important pillar for developing sustainability. Green Economy helps to pursue economic activities that contribute to long-term stability and resilience. It also encourages the development and adaptation of sustainable technologies and practices. And the interesting part is it fosters the creation of jobs that contribute to environmental sustainability.
· Governance and policy : Establishing a green economy requires effective governance and the implementation of supportive policies to promote sustainability, environmental protection, and social equity. It helps to collaborate between the public and private sectors to leverage resources and expertise for green initiatives. Also make a strong bonding between nations to address global environmental challenges. And proper transparency helps to fill up this criterion smoothly.
· Social Equity : Green economy ensures that economic benefits are shared equally in the society among all people. It also overcomes all social complexities like poverty, inequality and social exclusion. And, by arranging community engagement it helps to take different types of decision-making processes.
· Low carbon : Most effective side of the green economy is to make efforts to minimize greenhouse gas emission and combat climate change. By taking green initiatives or green practices it helps to reduce the amount of carbon emissions which provide fresh air.
· Circular economy : It refers to an economy that reduces the consumption of resources and the generation of wastes, and reuses and recycles wastes throughout the production, distribution and consumption processes. It provides design for longevity for a product, increases resources efficiency, sharing economy, selling products as service and so on.
· Flexibility and Adjustment : These are the essential qualities for successfully transitioning and thriving with a green economy. By adopting these characteristics businesses, governments and individuals respond effectively to evolving environmental challenges and create opportunities for sustainable development.
· Public awareness : It helps to raise public awareness by maintaining many procedures about the solution of various types of environmental complexities and increasing or promoting sustainable practices.
· Proper education : One of the fundamental criteria is providing proper education by arranging many seminars, workshops and training to build up a strong workforce with different types of skills which is needed for creating a green economy.
· Technological advancement : Sustainable technology practices also play a crucial role in driving the transition to a green economy by offering innovative solutions for various environmental challenges.
All these criteria for achieving a green economy are very important though those are varied in regional context and ongoing discussions and developments. And the main outcome of those criteria is to balance economic development with environmental and social aspects for making more sustainability and developing the future.
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Writer :
Hafsa Begum
Intern
Content Writing Department, YSSE